Bronx Real Estate Market Update: August 2023

If you’re interested in the latest updates on the Bronx real estate market, you’re in the right place! In this update, I’ll provide you with the 5 key numbers that will give you all the information you need to know about the Bronx real estate market in August 2023. 

Bronx Real Estate Prices

In the Bronx, the median sales price is currently $617,000 up from $575,000 last month and $620,000 the month before. Great to see us bounce back after last month’s decrease.

Bronx Sales Price to List Price Ratio

Next, let’s look at the sales price to list price ratio. The higher this percentage, the higher the sales price is relative to the asking price. Currently we’re at 98.2% up from 96.4% last month. This is our 3rd straight increase and highest percentage this year. 

Bronx Days on Market

Next up is the number of days on market, which tells how long on average it takes to get a property in contract in the Bronx. We’re currently at 40 days which is down from 54 days last month and significantly lower than our high of 65 days in January. Less than 120 days is considered a sellers market so we are well within that.

Number of Homes For Sale in Bronx

Let’s look at how many homes are for sale now and how it’s trending. The number of active homes for sale is 236, which is flat from 237 last month. The number of homes for sale peaked at 372 last year and had been on a steep decline until this month, which means demand was exceeding supply and now the market has balanced more. 

Number of Price Reductions in the Bronx

Let’s take a look at how often sellers are reducing their prices in the Bronx. 16 sellers reduced their asking price over the past 7 days vs. 7 last month.  The last time we saw the number of price increases this high was back in January and February. This is a negative sign for prices going forward as the number of price reductions are a leading indicator.

Bronx Real Estate Market Summary

Overall August was a positive month for real estate in the Bronx. On the positive side, the median sales price bounced back up, the sales price to list price ratio is very strong, the number of days on market is down and the number of active homes for sale is low and steady. On the negative side, the number of price reductions is more than doubled. Based on all of this, I think we’ll see some price increases in the coming months. If you’re interested in buying or selling real estate in the Bronx, we can help! Call me directly at 917-626-2372 or email me at justin@braithrealty.com.